Offering your clients attractive terms in a competitive market
As an alternative mortgage lender, ASCEND MIC offers borrowers approvals and terms that simply don’t exist with the traditional banks. When borrowing options are tight, ASCEND MIC can provide mortgages on terms that your clients can meet.
At ASCEND MIC, we want your clients’ business, and will work hard to provide mortgage terms that are competitive and acceptable.
Our mortgages include:
- Lending with a land-to-value (LTV) ratio of 80% on urban and suburban residential properties in Ontario.
- First and second mortgages.
- New construction purchases using the appraised value on a case-by-case basis.
- Rent-to-own properties on a case-by-case basis.
How we’re friendly to borrowers/clients:
- We accept letters of self-declared income with no need for supporting documentation.
- If borrowers have credit issues, we’ll listen.
- If borrowers are in a credit proposal, we’ll listen.
- If borrowers are in arrears and have a plan moving forward, we’ll listen.
- There is no waiting period if your client is involved in a discharged bankruptcy.
- We’re flexible on calculating gross debt service (GDS) and total debt service (TDS) ratios.
ASCEND MIC also has a working partnership with First Canadian Title Insurance (FCT Insurance), which means your client can retain their own lawyer and help reduce costs.
- The property must be marketable.
- The property must be appraised by someone approved by ASCEND MIC.
Documents for brokers/clients [to be prepared for ASCEND MIC]:
We try to make the paperwork for brokers and borrowers as simple as possible. Here are some important documents you might need: